10 years after Great Recession, Senate considers Dodd-Frank rollbacks

Crapo (R-ID) introduced a bill that takes aim at Dodd-Frank Act protections for consumers and the ability to monitor big banks to prevent another financial meltdown. The Economic Growth, Regulatory Relief, and Consumer Protection Act (S 2155) would put consumers at greater risk of predatory lending and weaken other important safeguards passed since the last crisis. Consumer Action joined advocates in a March 8 letter asked that the legislation be given full floor consideration as a separate bill and an open amendment process.

Consumer Action joined coalition advocates in urging Senators to oppose S. 2155. The bill would cut risk management requirements for 25 of the biggest banks in the country--banks that took tens of billions in bailout funds during the 2008 financial meltdown, including banks like SunTrust and BB&T. It also rolls back safe lending practices and oversight of big regional banks.

The banking industry is showing record levels of revenues and profits. Congress should be focused on addressing real problems that ordinary Americans have with medical debt, student debt, and data security, not boosting bank profits further.